Job losses as Stevenage Game stores close

14:20 28 March 2012

The decision made 14 people redundant and leaves two prominent stores empty. Photo: Reines Traidas @flikr.com

The decision made 14 people redundant and leaves two prominent stores empty. Photo: Reines Traidas @flikr.com

Archant

Two Stevenage video game stores have shut after the parent company went into administration.

Both Game and Gamestation on Queensway owned by Game Group closed on Monday with the loss of 14 jobs.

The closures are part of a cull of 277 of the troubled gaming specialist’s 609 UK stores. The group made a loss of nearly £18m in the year to January,

A third Game store in the town at The Forum remains open as administrators PricewaterhouseCoopers search for a buyer.

Mike Jervis, partner at PwC, said the group has faced serious cash flow and profit issues and has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.

“Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable,” he said.

2 comments

  • Sorry for the job losses but you have to wonder about the financial brains of the people running the chain, having three stores in such a small town can only be a one way trip to bankruptcy. were they trying to out do the likes of McDonalds, Tesco, Sainsbury’s, and the Co-op !!!!!! sorry but they deserve it just a shame that good people loose jobs because of very bad Management.

    Report this comment

    Barry Jackson

    Saturday, March 31, 2012

  • Sorry for the job losses but you have to wonder about the financial brains of the people running the chain, having three stores in such a small town can only be a one way trip to bankruptcy. were they trying to out do the likes of McDonalds, Tesco, Sainsbury’s, and the Co-op !!!!!! sorry but they deserve it just a shame that good people loose jobs because of very bad Management.

    Report this comment

    Barry Jackson

    Saturday, March 31, 2012

The views expressed in the above comments do not necessarily reflect the views of this site

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